Best savings accounts 2019 – all of the options compared

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SAVINGS rates have been dismal over the last 10 years due to record-low interest rates.

But top savings accounts have finally started creeping up as banks battle for your cash.

Getty – Contributor

The Sun has taken a look at the top savings accounts on the market that can help boost your rainy day fund. Below are the best ones.

What are the best fixed-rate savings accounts in 2019?

Fixed-rate accounts will typically offer better rates than normal, easy access accounts, so if you know you can afford to tie your money up for between one and five years, it’ll be worth looking at these type of accounts.

With these accounts you’ll always need to check how much you need to open the account with – some have really high limits which won’t be available to most people.

Here we’ve included the best one and two year deals currently available.

  • Al Rayan Bank 12 Month Fixed Term Deposit – Apply Here

Minimum investment: £1,000

Rate: 2.17 per cent

Interest earned on £1,000: £20.17

  • Smart Save Bank 1 Year Fixed Rate Saver – Apply Here

Minimum investment: £10,000

Rate: 2.01 per cent

Interest earned on £1,000: £20.01

  • Metro Bank Fixed Term Savings 1 Year – Apply Here

Minimum investment: £500

Rate: Two per cent

Interest earned on £1,000: £20.00

BEST BANK ACCOUNTS FOR SAVINGS

AS you can now earn interest tax free on any accounts and not just Isas, some savvy savers have been using current accounts to get a cash boost.

Here are two of the highest-paying current accounts around.

Nationwide FlexDirect – You’ll get 5 per cent on balances up to £2,500 for the first year you have the account before it drops to 1 per cent.

You’ll have to pay in £1,000 a month to qualify for the interest.

TSB Classic Plus – You’ll get 5 per cent with TSB but only on balances up to £1,500.

What are the best two-year fixed rate savings accounts in 2019?

  • Axis Bank UK Ltd 2 Year Fixed Term Deposit – Apply Here

Minimum investment: £1000

Rate: 2.20 per cent

Interest earned on £1,000: £40.40

 

Please note, you may be eligible for a £100 bonus but terms and conditions apply.

  • Zenith Bank Limited 2 Year Fixed Term Deposit – Apply Here

Minimum investment: £10,000

Rate: Two per cent

Interest earned on £1,000: £220

  • Masthaven 30 Month Flexible Term Saver – Apply Here

Minimum investment: £500

Rate: 2.20 per cent

Interest earned on £1,000: £56.07


What are the best easy-access savings accounts in 2019?

Easy access accounts are typical accounts that let you pay money in and withdraw it when you want – usually without being penalised.

Rates on these accounts are normally lower than fixed-rate ones but you’ll want to check them out if you know you might need to access your cash, so can’t commit to a fixed deal.

  • Newbury Building Society Existing Members Account – Apply Here

Minimum investment: £1

Rate: 1.75 per cent

Interest earned on £1,000: £17.50

 

Please note you will need to be an existing member of Newbury Building Society to be eligible for this account.

  • Cynergy Bank Online Easy Access Account – Apply Here

Minimum investment: £1

Rate: 1.50 per cent

Interest earned on £1,000: £15.50

Please not the rate includes a 0.50 per cent bouns fixed for 12 months – the rate will revert to 1.00 per cent after the bonus period.

  • Newbury Building Society Welcome to Newbury – Apply Here

Minimum investment: £50

Rate: 1.50 per cent

Interest earned on £1,000: £15.50

What are the best easy-access cash Isas in 2019?

For a long time cash Isas were a no-brainer for savers.

Allowing you to shelter money tax-free, you can currently put away up to £20,000 each tax-year without having to worry about the taxman taking a chunk of your cash.

But rates have been dismal, meaning many savers have turned to other products that offer better rates of interest.

For instance, since the the Government introduced a big shake-up to something called the Personal Savings Allowance (PSA), people have been able to make £1,000 in interest a year tax-free – in whatever account they’re saving in.

For most people, this is more than enough, meaning other savings accounts may be a better option. However, for anyone who needs to save more, an Isa is a good way to minimise tax.

Here are the the accounts topping the charts at the moment.

  • Oak North Personal Easy Access Cash ISA – Apply Here

Rate: 1.50 per cent

Minimum investment: £500

Interest earned on £1,000: £15

Please note: You’ll only get the best rate if you’re a Santander 123 World or Select Customer

  • Shawbrook Bank Easy Access Cash ISA – Apply Here

Rate: 1.43 per cent

Minimum investment: £1,000

Interest earned on £1,000: £14.30

  • AA Cash Isa Easy Access- Apply Here

Rate: 1.42 per cent

Minimum investment: £100

Interest earned on £1,000: £14.20


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